Pitcairn Co. Trims Holdings in Semtech Co. (NASDAQ:SMTC)

Pitcairn Co. lowered its position in Semtech Co. (NASDAQ:SMTC) by 9.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,461 shares of the semiconductor company’s stock after selling 1,032 shares during the period. Pitcairn Co.’s holdings in Semtech were worth $585,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of SMTC. Wellington Management Group LLP lifted its stake in Semtech by 827.0% during the 4th quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock valued at $132,550,000 after acquiring an additional 1,911,890 shares during the period. Vanguard Group Inc. raised its holdings in shares of Semtech by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock worth $713,906,000 after purchasing an additional 1,326,226 shares during the last quarter. Schroder Investment Management Group acquired a new position in Semtech during the fourth quarter valued at $27,254,000. Burkehill Global Management LP purchased a new stake in Semtech in the fourth quarter valued at $18,555,000. Finally, WCM Investment Management LLC acquired a new stake in Semtech during the 4th quarter worth about $15,180,000.

Insider Buying and Selling

In other news, COO Asaf Silberstein sold 2,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the chief operating officer now owns 76,417 shares of the company’s stock, valued at $5,349,190. This represents a 2.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Imran Sherazi sold 1,338 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $75.00, for a total transaction of $100,350.00. Following the completion of the transaction, the senior vice president now directly owns 14 shares in the company, valued at approximately $1,050. This represents a 98.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,125 shares of company stock worth $905,394. 0.60% of the stock is owned by corporate insiders.

Semtech Stock Down 5.7 %

SMTC opened at $28.01 on Friday. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -2.15, a PEG ratio of 2.12 and a beta of 1.85. The firm’s fifty day simple moving average is $41.67 and its two-hundred day simple moving average is $50.74. Semtech Co. has a 52-week low of $25.17 and a 52-week high of $79.52.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. The company’s quarterly revenue was up 30.1% on a year-over-year basis. On average, research analysts forecast that Semtech Co. will post -0.02 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SMTC. UBS Group decreased their price objective on Semtech from $65.00 to $60.00 and set a “buy” rating for the company in a report on Friday, March 14th. Robert W. Baird decreased their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Piper Sandler restated an “overweight” rating and issued a $55.00 price objective (down previously from $75.00) on shares of Semtech in a research report on Monday, February 10th. Northland Securities lifted their target price on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Finally, Craig Hallum lowered their price target on shares of Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Semtech currently has an average rating of “Moderate Buy” and a consensus price target of $61.55.

Semtech Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.